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1041 Fiduciary 24-4.1F
tip
- Get the latest on open issues by reviewing Alerts and notices.
- Review the status of federal forms.
- Find the availability of the state releases in the Home screen, in Forms Availability.
- New York: There is an informational diagnostic to alert preparers to a possible rollover issue with prior year estimates paid in the current year. Verify that the amount rolled over from prior year estimates paid in the current year doesn’t include a 2022 overpayment from the 2023 return. Use this query for 2023 1041 to identify potentially affected returns.For the 2024 return, go to Organizer, select. In the Estimated Tax section, enter the correct amount for theStatesNew York PaymentsPrior Year Estimates Paidin the current year.
Pending releases
Release date: 3/28/2025
Added an option to print federal estimate vouchers separately which is consistent with the 1040 tax application.
We updated 990T electronic filing to the latest IRS version 2024v5.1.
Federal forms now available:
- Form 7207, Advanced Manufacturing Production Credit
- Form 7210, Clean Hydrogen Production Credit
- Form 7213, Nuclear Power Production Credit
Federal forms not available:
- Form 7211, Clean Electricity Production Credit
- Form 7218, Clean Fuel Production Credit
- Form 8835, Renewable Electricity Production Credit
- Form 8933, Carbon Oxide Sequestration Credit
Updated
Penalties and Interest workpaper
to calculate interest compounded daily.Form 8865
, Return of U.S. Persons With Respect to Certain Foreign Partnerships and all Schedules and Forms included under the 8865 is available for e-file for this release with the following exceptions. Also the following forms under the 8865 are not available within the tax application yet:
- Form 3468, Part V: Only applicable to returns ending in 2025
- Form 4255
- Form 6765
- Form 7210: IRS e-file schemas updated to allow for filing with Form 8865.
- Schedule K/K-1 line 15 Codes S, W, and X and line 20 Code AV (applicable to tax years ending in 2025).
Form 3800
is released with the following limitations. E-file is available for Form 3800 if Part VI is not used in a return.
- The columns for applied against tax and carryover to next year won’t populate. Override as needed.
- Facility credits are not taking into account any transfer or EPE registration numbers. This will be updated on a future release to pull in on a facility by facility basis instead of a summary basis.
- Part VI won’t e-file at this time. A binary attachment is required until the IRS updates their schema. This information was found on the IRS Known Issues and Solutions website.
- Credit utilization is not released yet. It will be available on a future release.
- Calculation carryover revision: For 2025, we are pulling in prior year suspended losses into parts IV and VI from Form 8582-CR. The carryover schedules will only be used for non-passive carryovers. If your carryover schedules include passive numbers from the prior year that are covered by Form 8582-CR prior year-suspended losses, you'll need to make an adjustment so the amount is not doubled.
- There is a hyperlink on top of pages 3-9 that will take you to workpapers where you can override for parts V and VI.
- If there is a single row on the grid, the credit won’t print on parts V and VI (instead it goes directly to parts III or IV).
- If you add a line be sure to include the Line Number since it's the line number field that determines if data transfers to parts V and VI or straight to parts III and IV.
We updated
Rhode Island Schedule K-1
to consider PTE election for Section IV.Federal
We updated or corrected the following:
Form 1041
: Updated Page 3, question 1 to ignore the Blank selection on the Organizer question Did the estate or trust receive tax-exempt income
. If selected, we’ll automatically determine whether the trust/estate received tax-exempt income.Updated the calculation on the taxable income without
NOL workpaper
to correctly calculate lines 16 and 22.Updated the computation of 28% prior year carryover loss distribution.
Updated the print of QBI statement A when the total QBI income is
none
. State
We updated or corrected the following:
Connecticut
: Updated print for 1041 Connecticut CT-1041FA Part 2 attachment and the Shares of CT Source Income detail is now printed correctly.Idaho
: Corrected an issue with nonresident beneficiary income in a composite return flowing to ID Form 66, lines 15 and 16.Montana
: Corrected an issue on the Montana FID-3, Schedule II for nonresident returns to only reflect the portion of income retained by the trust.Nebraska
: - Updated the print for Nebraska Schedule PTET and the form now prints where there is no PTET credit distributed to the beneficiaries.
- Stopped rounding for Nebraska Schedule PTET calculation so that the total entered in the credit section agrees to the total showed on Schedule PTET when allocated to the beneficiaries.
This article applies to:
- Product: GoSystem Tax RS
- Return type: 1041 Fiduciary